CYPRUS RESIDENCE PERMIT – CYPRUS PERMANENT RESIDENCE – CYPRUS VISA FOR NON-EU INDIVIDUALS
The desire for Cyprus Permanent Residence or a Cyprus Visa among non-EU individuals has surged in popularity owing to the appealing advantages it offers for those seeking to reside in Cyprus. This immigration program stands out as one of the most sought-after investment immigration initiatives globally. Aspiring individuals aiming for Cyprus Permanent Residence must fulfill specific criteria, making it essential to understand the detailed requirements and benefits involved in this process.
Cyprus permanent residence (Cyprus Visa) for non-EU individuals validity
The Cyprus permanent residence (Cyprus Visa) for non-EU individuals has an indefinite validity. Non-EU residents can secure a Cyprus permanent residence Certificate and relocate to Cyprus by meeting the following criteria:
1. CYPRUS RESIDENCE PERMIT (CYPRUS VISA – CYPRUS PERMANENT RESIDENCE) A MINIMUM ANNUAL INCOME OF €50,000
A Cyprus investor must be able to prove a secured minimum annual income of €50.000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child and/or his/her spouse. The income can include wages for work, pensions, stock dividends, interest on deposits, rents, etc. coming from abroad, which will only be proven through the investor’s tax return from the country in which he declares to be a tax resident applicable for the cases in which the applicant chooses to invest as per Paragraph 2.A below. In calculating the total income, the income of the applicant’s wife may also be taken into account. In the cases where the applicant chooses to invest as Paragraphs 2. B, 2. C or 2. D below, the Cyprus investor’s total income or part of it may also arise from sources originating from activities within Cyprus, provided that such income is taxable in Cyprus.
2. CYPRUS RESIDENCE PERMIT (CYPRUS VISA – CYPRUS PERMANENT RESIDENCE PERMIT) INVESTMENT PROPERTY VALUE €300,000
The investor – non-EU resident individual must have invested in Cyprus in one of the following:
(A) Investment in a house/apartment in Cyprus: Purchase of a first sale house or apartment in Cyprus from a development company of at least €300,000 (plus VAT) which 2/3 must be paid before application. A title deed or a sale contract must be filed at the Cyprus Department of Lands and Surveys. The investment can be up to two (2) housing units (apartments or houses)
(B) Investment in real estate in Cyprus (excluding houses/apartments): Investment in other types of real estate in Cyprus such as offices, shops, hotels, or related estate developments in Cyprus or a combination of these with a total value of €300,000 plus VAT where applicable. The investment can also be the result of a resale. 2/3 of the amount should be paid before the application. A title deed or a sale contract filed at the Cyprus Department of Lands and Surveys must be demonstrated.
(C) Investment in Cyprus Company’s share capital, with Cyprus business activities and personnel in Cyprus: Investment worth €300,000 in the share capital of a Cyprus company registered in Cyprus, based and operating in Cyprus, and having a proven physical presence in Cyprus and employing at least five (5) people. Share Purchase agreements, relevant Cyprus Company Certificates, business profiles, and employees’ employment must be demonstrated.
(D) Investment in units/shares in Cyprus Funds, Cyprus Alternative Investment Funds – AIFs, Cyprus Alternative Investment Funds Limited Number of Persons – AIFLNP, Cyprus Registered Alternative Investment Funds – RAIFs. Cyprus Investment should be worth €300,000 in units/shares of Cyprus Investment Funds. Units/shares contracts, Fund’s prospectus – investment plans, and Cyprus Fund setup should be demonstrated. It should be noted that the investments of the investment funds should be carried out in Cyprus.
The funds to be used for the investment must be proven to come from abroad, from the bank account of the Cyprus investor himself and/or his wife, if he will be included as a dependent in his application. The amount of the investment value should be paid from the Cyprus investor’s bank account to the seller’s account through a Cyprus financial institution.
The investor is required to submit to the Department on an annual basis from the date of obtaining the permanent residence, evidence that he continues to maintain the required income and the initial investment. Failure to provide evidence at any time will entail activation of the procedure for canceling the Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
3. QUALITATIVE CRITERIA
- Clean criminal record: Cyprus investor (non-EU resident individual) and investor’s spouse as the case may be must submit a Criminal Record Certificate from their country of residence or from Cyprus in case they reside in Cyprus and not be considered a threat in any way to public order or public security in Cyprus.
- Health Insurance Certificate: The Cyprus investor and their dependent family members must provide a Health Insurance Certificate for medical treatment covering inpatient and outpatient care.
- No intention to be employed in Cyprus: The Cyprus investor and his wife must certify that they do not intend to be employed in Cyprus with the exception of their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.
- Cyprus investors may hold investments in other Cyprus companies: Where the investment is not that of a share capital investment, Cyprus investors may hold investments in other Cyprus companies. They may also hold the position of Director without any pay.
4. CYPRUS RESIDENCE PERMIT (CYPRUS VISA – CYPRUS PERMANENT RESIDENCE PERMIT) BENEFITS:
- Simple, fast, and easy to complete and obtain Cyprus Residence Permit in less than 60 days;
- The Cyprus permanent residence permit (Cyprus Visa) covers not only the applicant but also the applicant’s family members less than 18 years of age;
- Allows the holder to come and go without restrictions and lasts forever;
- Reduction of VAT on buying properties from 19% to 5% and without the imposition of any Transfer Fees (around 6-7% depending on property value). This means significant savings of about 19-20% in government fees are enjoyed by Cyprus investors.
- A separate Cyprus permanent residence certificate may be granted to each spouse, provided that a separate Cyprus permanent residence certificate application is submitted and the relevant fee is paid. A spouse is not required to satisfy the criteria.
- Unmarried children between the ages of 18 and 25, being students of tertiary education abroad are considered as being dependent on Cyprus investors provided they apply for a temporary residence permit in Cyprus as students. After completing their studies in Cyprus irrespective of their age they can submit their own application for obtaining permanent residence (Cyprus Visa) by paying the corresponding fee of € 10,000. The Permit will continue to be valid even after reaching the age of 25 and even if the child is still unmarried and/or a student and/or financially dependent on his parents. It should be noted that his spouse and his minor children are not included.
- Cyprus permanent residence certificate may also be granted to children of the Cyprus Investor over the age of 18, who are not financially dependent on the investor, on a higher value investment i.e. there should be a new investment of €300.000 for each adult child.
- Cyprus in the Schengen area: As of, July 25, 2023, Cyprus joined the Schengen Information System (SIS) that has been built to ensure safe passage as well as freedom of movement of those who have the right to move freely within the EU’s Schengen Area. It is expected that Cyprus will join the Schengen area and become part of the visa-free zone in the near future. The Schengen Agreement is meant to provide freedom of movement for all member countries, some of which are not in the EU. The immigration rules for non-Schengen citizens are standardised, so if you are given permission to visit one Schengen country you can visit all of the others.
5. CYPRUS PERMANENT RESIDENCE (CYPRUS VISA) IMPORTANT CONSIDERATIONS:
- Cyprus investor should submit a Statement that he does not intend to work or be engaged in any form of business in Cyprus. The investor and/or his spouse are allowed to be shareholders in companies registered in Cyprus and receive dividends. They may also hold the position of an unpaid Director.
- The Cyprus investor should visit Cyprus at least once every two years.
- The money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.
- Any Cyprus investment interruption without being replaced results in the cancellation of the Cyprus permanent residence certificate.
- In case the Cyprus Investor chooses to invest in other than in a Cyprus house or apartment, evidence regarding his accommodation in Cyprus must be provided.
- Investment money should be derived from abroad and paid in Cyprus Bank.
- Cyprus Investment if in the name of a legal person (EU / Cyprus company) including spouse is permitted provided 100% owned or beneficially owned.
- Immovable property purchased in Cyprus must relate to dwellings sold for the first time by a development company in Cyprus unless the purchase took place before 07/05/2013 and has been submitted to the Cyprus Department of Lands and Surveys
- Within one (1) year from the date of the approval of the Cyprus permanent residence application, the holder of an Immigration Permit is obliged to become a permanent resident in Cyprus
6 CYPRUS IMMIGRATION APPOINTMENT, APPLICATION, SUBMISSION AND EXAMINATION PROCEDURE
The applications, together with the required accompanying documents, will be submitted to the relevant department in person or through a representative after arranging a Cyprus immigration appointment. In the case of submitting an application through a representative, this should be accompanied by a written certified authorization of the applicant, which should include the full details of the representative as well as his address and contact details.
7 LIST OF CYPRUS VISA REQUIREMENTS (PERMANENT RESIDENCE REQUIREMENTS)
- Fully completed MIP1 form
- A fee of €500 plus €70 for each additional applicant
- Certified service provider authorization letter signed by the applicant and stating the particulars, full address, and contact number of the representative
- Affidavit confirming investor’s minimum annual income as stated above
- Copy of investor’s passport
- Curriculum Vitae
- Evidence of transfer of funds in Cyprus
- Clean criminal record as described above
- Non-employment Cyprus statement certifying the non-employment of the applicant and his/her spouse in Cyprus with the exception of their employment as Directors in a Company in which they have chosen to invest within the framework of this policy
- Statement of accompanying documents
All documents should be fully certified (Apostilled or having diplomatic certification as the case may be) and officially translated either into English or Greek language
Securing a Cyprus Residence Permit or Permanent Residence Permit (Cyprus Visa) demands adherence to a precise set of criteria, ensuring compliance with financial, qualitative, and procedural conditions. Embracing this pathway brings numerous benefits including the potential for unrestricted movement in and out of Cyprus.
Please reach out to us
For further clarification or inquiries on navigating the Cyprus Residence Permit process and its associated requirements, please reach out to us. We’re here to provide guidance and address any queries you may have on this essential topic.
Tel. +357 22 340000
Email: [email protected]
The authors expressly disclaim all and any liability and responsibility to any person, entity, or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.